"Kazakhstan Insurance Report Q1 2015" is now available at Fast Market Research

As of late 2014, we look for single - digit growth in total premiums in US dollar terms through the forecast period. We recognise that we may have to revise our projections downwards once it become clearer how the sector developed through H2 20 14. Kazakhstan's insurance sector is one in which the weaknesses and threats are much more obvious than the strengths and opportunities.

Overall, it is it the weaknesses and threats that stand out in our assessment of Kazakhstan's insurance sector. Perhaps due to downwards pressure in rates on corporate lines, premiums in the non-life segment have been weak through H1 2014. For now, we look for moderate growth (in USD terms) in non-life premiums through the forecast period, although we accept that we may have to revise our projections downwards once more data become available about the state of the market through H2 2014.

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In the meantime, assessments of the segment have highlighted the lack of access to capital of some of the companies, their small scale and mixed performance in terms of underwriting and investment. The Kazakh non-life insurers remain heavy users of outwards reinsurance. A possible positive wildcard is the introduction of compulsory home insurance.

Life insurance had been growing rapidly from a very low base. The limited data available suggest that the growth paused during H1 2014. Density has risen to a level which suggests that some companies and households understand the benefits of life insurance, can afford it and value it. However, they are a small minority. By most metrics, the segment is, and will remain, underdeveloped.

Recent Developments

In late May 2014, Standard & Poor's affirmed its insurer financial rating and counterparty credit rating for insurer Eurasia at BB+.

Standard & Poor's confirmed its insurer financial rating and counterparty credit rating for non-life group Tsesna-Garant at B in mid-July 2014.

* Through mid-2014, Alliance Polis announced the opening of a number...

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